today we add value to over 700 assets we manage worldwide

Case studies

We generate performance through combining global insights with an in-depth understanding of local markets, having on the ground teams worldwide and by implementing our income focused investment philosophy.

All assets have individual business plans which are regularly reviewed and updated, taking account of changing market conditions and occupier trends (both nationally and locally). This disciplined process of regular reviews is key to generating performance.

2015

Milan, Italy

Asset management

Zara HomeMilan, Italy

Two adjacent high street retail units located near a prime location in Milan

Strategy

To protect the high rental income put at risk by un-sustainability of rent for occupier (Pzero) and to create a new desirable retail unit

Implementation

Managed and signed leasebreak with Pzero with a material surrender premium

Simultaneously negotiated with Zara Home to sign a new lease agreement to lease both units and create largest global Zara store

Results

Managed refurbishment works of Zara Home Milan flagship store of c. 2,400sqm in less than six weeks (opened April 2015)

The unit is one of the top 5 Zara Home top performer globally

Rental income was secured in the long term through the new lease with Zara Home.

View details

2015

Skellefteå, Sweden

Asset management

Solbacken Retail ParkSkellefteå, Sweden

Extend and redevelop modern Swedish retail park

Strategy

Dominant out of town retail park in Skellefteå (Sweden) with food anchors and strong non-food retailers comprising 15 units and 23 tenants with a total area of 30,400 sq m

Asset offered an attractive combination of high level of income as well as both short and long term opportunities to add significant value

Implementation

Additional areas created (development of 2,700 sq m building rights) to the main food anchor with a 12 year extended lease term and new toy shop (10 years lease term).

Completion of a new 790 sq m unit for a tenant, lease re-gears and expansion of an existing unit to bring on a new fashion retail tenant

Results

Project IRR 18%

Development of building rights:

Phase A - 1,850 sqm (2012):

EUR 3.5m value increase (project IRR 16%)

Phase B - 800 sqm (2015):

EUR 1.5m value increase (10.4% yield on cost)

Significant yield compression

View details

2016

Milan, Italy

Asset management

Piazza AffariMilan, Italy

Historic building in Milan financial district acquired on a vacant possession for €44.2 million in Q1’15 by distressed seller with a material debt write off

Strategy

Refurbish and re-let the asset before disposing at a super core yield

Implementation

Intense refurbishment of the lobby has been completed in just three months, with a capital expenditure of EUR 850k

Two lease agreements have been signed with top tenants in the private equity and consulting industries

Results

The first tenant entered in occupation in Q1 2016, with letting fully completed by Q4 2016

Unsolicited requests to acquire the property are being received

Expected lease of c. €3.6m rental income and sale at c. €65m in Q2 2018

View details

2017

Tokyo, Japan

Stock selection

Sasuzuka BuildingTokyo, Japan

Acquisition of large office property in Shibuya, Tokyo

Background

Located in the Shibuya ward of Tokyo, one of the busiest commercial spots in the Tokyo CBD

Acquired in January 2017 on behalf of the Greater Tokyo Office Fund, a closed-ended fund focusing on greater Tokyo property investments

Large office property (26,527 sq m)

Strategy

The asset was acquired via an off-market origination process

Asset management initiatives are focused on the maintenance of full occupancy and maximization of income via expense efficiencies and market rent reversions

View details

2016

London, UK

Asset Management

33 Gracechurch StreetLondon, UK

Tasked to improve ERV tone for property ahead of disposal in 2018

Investment rationale

Following surrender, refurbished both floors and subsequently let to top tenants at £55.00 per sq ft and £50.00 per sq ft on ten year leases

Delayed 1st floor rent review until completion of 5th and 6th floor lettings to take advantage of new rental tone

Strategy

Following purchase in Q1 2014 for £65.3m, negotiated with current tenants on 5th and 6th floors to surrender leases, before enhancing rental value of property by a full refurbishment of both floors

Results

Property is now fully let and income optimised

Asset is now to be sold in Q1 2016, 2.5 years ahead of schedule, with vehicle IRR target exceeded

View details

2016

London, UK

Asset management

1 Threadneedle StreetLondon, UK

Refurbishment of well located building in need of full refurbishment

Strategy

Threadneedle Street is located in the City of London, the heart of the UK capital and the centre of the financial industry

Building was purchased at a favourable price of €42m owing to a soon to expire lease and relatively poor condition of building

Implementation

Building was completely renovated to be repositioned as a Grade A building with a “very good” BREEAM certificate for sustainability

As part of the works, the facade – a typical example of London architecture – was sympathetically restored, the windows and all technical installations were renewed and the layout was modified to make more efficient use of the space.

Results

Fully let to renowned tenant on 20 year lease

Sold significantly above market value

Exit of €67.3m set new benchmark level in City of London

View details

2016

Köping, Sweden

Asset management

Big Inn Retail ParkKöping, Sweden

Improve performance of Swedish shopping centre through redevelopment and renegotiation of leases

Strategy

Well located shopping centre on the outskirts of Köping, well linked to the motorway E18. A viable alternative to the town centre.

Inefficient layout (impacting customer circulation at rear of building) led to decision to redevelop shopping centre and improve tenant mix.

Opportunity to capture passing trade from the motorway through better tenant mix

Implementation

Entire shopping centre redeveloped, with increased Net Lettable Area and a new, larger, unit created for main food anchor (ICA) with a 12 year lease term

Improved tenant mix and renegotiated all lease agreements on better terms with improved on-site signage and visibility. Led to passing rent increasing by 40% from 2010-2011

Results

Asset was successfully sold in September 2015, with an IRR of 15% over 8 years